If you purchase a home, you will inherit the seller's exemption status for the current tax year. Be sure to verify with the Broward County Property Appraiser's office just before the closing that the seller has not already cancelled his/her exemptions--as this could cause you to receive a much larger tax bill. Review your closing statement carefully, as the seller will likely give you a deduction/credit for the seller's pro rata share of the current year's taxes. However, the buyer is ultimately responsible for making payments of the entire tax bill when it arrives in November. Next year, your home will be reassessed based upon your purchase price (and the sale prices this year of other qualified sales in your neighborhood). Finally, if the new property is your permanent residence, remember you will need to file for a Homestead Exemption on the new property for next year as the seller's exemptions will automatically be removed at the end of the year.
Author:Linda Stevenson Phone: 603-264-6920 Dated: January 7th 2017 Views: 89 About Linda: ...
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LUX Florida Home Collection & Bankers Realty Services are a full service real estate firm. Since 2000 we have been listing, selling, leasing & managing property for both residential and commercial real estate owners throughout South East Florida. We have a team of experienced Real Estate, Mortgage, Appraisal & Legal professionals who all work together to assist in our clients needs.
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"Kevin is wonderful to do business with. He is on his game. Kevin has assisted my husband and me with three transactions over the past 4 years. I can’t imagine using anyone else. I will also continue to refer him because I am confident he will take care of business"